SBI Bank offers Fixed Deposit (FD) schemes that ensure guaranteed returns and flexible investment options. The interest rates range from 3.50% – 7.25% p.a., with a minimum deposit of Rs. 1000 and the tenure ranging from 7 days to 10 years. Keep reading this blog to know more about SBI Fixed Deposit and its interest rates.  

Highlights for 2025 Fixed Deposit Scheme of SBI Bank

Fixed Deposit Rates of SBI for 2025

Note: Interest rates are as of 15/05/2024

Term wise SBI Fixed Deposit Rates

SBI vs Other Banks' FD Rates

The below table shows the comparison between SBI bank FD interest rates with the other top banks in India:

Features and Benefits of SBI Fixed Deposit

• The minimum deposit tenure to open an FD account is 7 days.
• The maximum deposit tenure for an FD account is 10 years.
• The minimum deposit amount is Rs.1,000.
• You can open an FD account online or by visiting the nearest branch of SBI.
• Get attractive interest rates on all tenures and schemes.
• Senior citizens above the age of 60 years, SBI staff, and SBI pensioners are bound to receive additional interest rates.
• A nomination facility is available.
• Transfer the account across branches of SBI.
• Interest payout can be done monthly, half-yearly, yearly, or on maturity based on the scheme chosen.
• A loan facility against FD is available.

Types of SBI Bank FD Schemes

Eligibility to Open an SBI FD Account

• Resident individuals holding account ownership singly or jointly.
• Minors with parents/guardians’ consent.
• Karta of Hindu Undivided Families (HUFs).
• NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin).
• Partnership firms.
• Companies.
• Trusts.
• Societies.
• Local bodies and any government department.

Documents Required to Open State Bank of India FD

• PAN card
• Bank account details like account number, bank branch and IFSC code
• Proof of Identity
  • Passport
  • PAN card
  • Voter ID
  • Driver’s license
  • Aadhaar card
• Proof of Address
  • Passport
  • Aadhaar card
  • Bank statement with a cheque
• Proof of Date of Birth
  • Service discharge certificate
  • PAN card
  • Aadhaar card
  • Voter ID

How to Invest in SBI FD?

You can invest in SBI FD through various ways.

Internet Banking

Step 1: Log in to the SBI net banking by entering your credentials. 

Step 2: Click on the ‘Deposit & Investment’ tab and select ‘Deposit’. 

Step 3: Click on the ‘Fixed Deposit’ option.

Step 4: Select the type of deposit account and click ‘Proceed’.

Step 5: Choose the account from which money has to be debited to the FD account.

Step 6: Enter the FD principal value, select the term deposit option, accept the terms and conditions and click the ‘Submit’ button to open an FD.

Mobile Banking

Step 1: Download and log in to the Yono SBI app.

Step 2: Click on ‘Deposits’ and select the ‘Fixed Deposits’ option.

Step 3: Click on the ‘Open Fixed Deposits’ button.

Step 4: Enter the required details and click ‘Next’.  

Step 5: Review the details, tick the terms and conditions and click ‘Confirm’.

Visiting the Bank Branch

You can also open an FD account by visiting the SBI bank branch and obtaining the FD opening form. Fill out the form and submit it to the bank to open an FD account.

Tax on SBI Fixed Deposit 

State Bank of India offers a tax saving deposit, i.e. the ‘SBI Tax Savings Scheme, 2006’, which provides tax benefits under Section 80C of the Income Tax Act,1961. The minimum deposit amount under this scheme is Rs.1,000, and the maximum deposit amount is Rs.1.5 lakh. It has a minimum lock-in period of 5 years, and the maximum tenure is 10 years. 

Apart from the above scheme, SBI deducts TDS based on the interest earned on the FD accounts. However, the bank deducts TDS of 10% only when the total FD interest income exceeds Rs.40,000 in a year and Rs.50,000 in the case of senior citizens. You can submit Form 15G/15H to the bank requesting not to deduct TDS when the total interest income does not exceed Rs.40,000 or Rs.50,000 (in case of senior citizens).

Premature Closure of SBI Fixed Deposit

The State Bank of India will charge a penalty when the fixed deposit account is closed before the minimum tenure period. The penalty for premature closure of SBI fixed deposit account is as follows:

• For deposits up to Rs.5 lakh, the penalty for premature withdrawal is 0.50%
• For deposits above Rs.5 lakh, the penalty for premature withdrawal is 1%

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